Cassa Forense, the pension fund for lawyers in Italy, is seeking asset managers for two new independent investment vehicles it is setting up with assets totalling €4bn.
The pension scheme is launching an Undertakings for the Collective Investment in Transferable Securities (UCITS) fund in the form of an open-ended alternative investment fund (AIF) called “Cassa Forense SICAV”, to invest in equity or debt securities, it said.
The SICAV is split into five sub-funds investing in equity, corporate investment grade bonds, high-yield bonds, government bonds, and multi-assets.
The second vehicle is a closed-ended alternative UCITS (Italian AIF), called “Cassa Forense SICAF”, which will invest in private markets, including private equity, private debt, venture capital, and infrastructure, a statement noted. The tender will last for nine months.
The scheme’s board of directors decided to allocate €3bn for the SICAV, while the SICAF will hold €1bn.
The scheme is creating the two investment vehicles with a view to streamlining the investment and administration of its assets, it disclosed.
The pension fund reworked its strategic asset allocation for the period 2023-2025 to increase investments in private equity, infrastructure and equities.
Under the new investment strategy, Cassa Forense is increasing its private equity allocation by 1%, infrastructure by 0.5%, and global equities excluding Europe by 1.5%.
It will cut allocations to European equities by 0.5%, to bonds by 1%, to government bonds, in particular the Government class EMU Fixed Rate, by 1.5%), slightly increasing the weight of its inflation-linked government bonds by 0.5%.
Tender documentation can be found online.
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